HOUSTON - September marked the 16th consecutive month of positive home sales across the greater Houston area, with enough activity to lower available housing inventory to levels not seen since March 2002.

Sales of single-family homes rose 8.7 percent in September 2012 compared to September 2011, according to the monthly data prepared by the Houston Association of Realtors.

The average price of a single-family home increased 4.7 percent year-over-year to $220,992, the highest level for a September in Houston. The median price climbed 6.1 percent to $165,000, also a record high for an September in Houston.

Inventory of single-family homes is now below five months, dropping from 6.8 months a year ago to 4.7 months, a level the Houston market last observed in March 2002.

Single-Family Home Sales

Sept. 2011

Sept. 2012

Change

Home sales

4,613

5,014

8.7%

Average sales price

$211,125

$220,992

4.7%

Median sales price

$155,530

$165,000

6.1%

Months inventory*

6.8

4.7

-30.9%

*Months inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This figure is representative of the single-family homes market.